Federal Home Loan Bank Of Cincinnati 10-Q Quarterly Report Thu Aug 08 2019

Cincinnati, Ohio – The Federal Home Loan Bank of Cincinnati (the FHLB) today released unaudited financial results for the second quarter ended June 30, 2019. The FHLB expects to file its second quarter 2019 Form 10-Q with the Securities and Exchange Commission on or about August 8, 2019.

The FHLB is a AA+ rated wholesale cooperative bank owned by 643 member financial institutions. The FHLB supports housing finance and community development by lending to a diverse membership base including commercial banks, thrifts, credit unions, insurance companies and community development financial institutions in Kentucky, Ohio and Tennessee. It annually sets aside a portion of its profits for grants supporting affordable housing, and since 1990 has awarded more than $718 million in subsidies towards the creation of approximately 91,000 units of affordable housing.

Operating Results and Profitability


▪	For the second quarter, net income was $64 million and return on average equity (ROE) was 5.09 percent. This compares to net income of $85 million and ROE of 6.15 percent for the same period of 2018. For the first six months of 2019, net income was $137 million and ROE was 5.34 percent, compared to net income of $168 million and ROE of 6.19 percent for the same period of 2018.


▪	Net interest income was lower in both comparison periods primarily due to a decrease in Advance balances and lower spreads earned on Advances. Additionally, non-interest income (loss) was lower in the year-to-date comparison due to decreases in the fair values of certain derivatives and other financial instruments carried at fair value.

Dividend


▪	The FHLB paid its stockholders a cash dividend on June 20, 2019 at a 5.50 percent annualized rate, which is 2.99 percentage points above the second quarter average 3-month LIBOR.

Housing and Community Investment


▪	The FHLB's net income for the first six months of 2019 resulted in an accrual of $16 million to the Affordable Housing Program (AHP) pool of funds available to members. These funds assist members in serving very low-, low-, and moderate-income households and community economic development.

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In addition to the required AHP assessment, the FHLB awarded nearly $2.3 million in the first six months of 2019 through its two voluntary housing programs. These programs provide grants to cover accessibility rehabilitation and emergency repairs for special needs and elderly homeowners, and for the replacement or repair of homes damaged or destroyed by natural disasters within the Fifth District.

The following information was filed by Federal Home Loan Bank Of Cincinnati on Monday, July 29, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Federal Home Loan Bank Of Cincinnati's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Federal Home Loan Bank Of Cincinnati provided additional information to their SEC Filing as exhibits

Exhibit 4: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

CIK: 1326771
Form Type: 10-Q Quarterly Report
Accession Number: 0001326771-19-000035
Submitted to the SEC: Thu Aug 08 2019 12:19:15 PM EST
Accepted by the SEC: Thu Aug 08 2019
Period: Sunday, June 30, 2019
Industry: Federal And Federally Sponsored Credit Agencies

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Federal Home Loan Bank Of Cincinnati (1326771) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

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